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The total value locked (TVL) on popular Cardano-based decentralized exchange Danogo soars nearly 10X over the past seven days.
Leading Cardano-based decentralized exchange Danogo has highlighted the dramatic increase in the total value locked (TVL) on its protocol.
Danogo’s TVL Spikes Nearly 10X in Seven Days
In an X post today, Danogo pointed out that its TVL surged nearly tenfold over the past seven days. Following the jaw-dropping milestone, Dango claimed to be the leading Cardano-based protocol with the highest TVL change in the past seven days.
Data attached to the tweet shows that Danogo’s TVL spiked 921.43% within this timeframe, bringing the protocol’s total value of assets locked to 4.1 million ADA ($1.84 million).
It bears mentioning that Danogo surpassed the second project in the leaderboard by a large margin. According to the data, Fluid NFT Collateral Lending sat in the second position, boasting a TVL surge of 98.21% in the past week.
Furthermore, Lenfi, Optim Finance, and Levvy ranked as the third, fourth, and fifth Cardano-based protocols with the most TVL growth in the weekly charts. The weekly TVL changes recorded across these protocols amounted to 27.15%, 14.21%, and 12.22%, respectively.
🚀 On the Cardano chain, we are leading in TVL changes over the last 7 days, with approximately a 10x increase in TVL!https://t.co/kdQiRItCmt pic.twitter.com/Fn4Lz3Sj9l
— Danogo (@danogo_2023) May 30, 2024
Danogo Lags Behind in Cardano TVL Leaderboard
At press time, the total value of assets locked on Cardano is currently around $251.33 million. Minswap, Indigo, and Liqwid are the three most dominant Cardano protocols, boasting TVLs of $68.08 million, $58.61 million, and $31.28 million, respectively.
Despite Danogo’s TVL surge in the weekly charts, the DEX is still nowhere close to the leading Cardano-based protocols by total value locked.
According to data from DefiLlama, Danogo is currently ranked 14th, with a TVL of $2.07 million. The figure marks a 24-hour surge of 10.42%, a 561% increase in the past seven days, and a monthly growth of 365%.
Danogo is a Cardano-based decentralized exchange that facilitates the trading and listing of Bond Tokens issued by Optim without requiring any central intermediaries.
The protocol recently witnessed a surge in user activity following a growing interest in Bond tokens. Earlier this week, Danogo said it issued 1 million ADA Bond tokens in 24 hours.
Over 1M ADA bonds issued in the last 24 hours!!!!#Danogo #StakingBond #opensource #audited #DeFi #Yield #Flexible #BuildersKeepBuilding pic.twitter.com/c8bimuZatX
— Danogo (@danogo_2023) May 27, 2024